Gains may continue

The market is likely to see further action on the back of a firm US markets and over 1% gains in majority of the Asian indices in the prevailing trades. Surging FII fund inflows coupled with firm economy outlook also may help the market advance further. Among the key local indices, the Nifty has a strong support between 3170-3120 range, while on the upside the index could test higher level in the 3250-3300 range. The Sensex has a likely support at 10200 and may face resistance at 10500.

US indices posted gains for the on Friday, with the Dow Jones added 40 points at 8018, the Nasdaq was up 19 points at 1622.

Indian ADRs witnessed strong buying support on US bourses. Satyam notched up significant gains and soared 10% . The other Indian floats, Wipro, Infosys, ICICI Bank, HDFC Bank, MTNL and Dr Reddy surged over 0.50-5% each. However, Rediff and Patni Computers were down around 4-6% each.

Crude oil prices slipped marginally. The US light crude oil for May series declined by 13 cents at $52.51 a barrel. In the commodity space, the Comex gold for June delivery lost by $11.60 to settle at $897.30 an ounce.